BEST OF

9 Best South Dakota Mortgage Lenders of 2021

NerdWallet helps you make a smart decision when it comes to choosing a South Dakota mortgage lender best-suited to your needs.

NerdWalletJanuary 20, 2021
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With abundant natural beauty and a low cost of living — especially when it comes to housing— South Dakota is a great place to call home. Choosing the best mortgage lender when you buy or refinance a home can help you settle into the environment with peace of mind.

NerdWallet has researched the leading mortgage lenders in South Dakota and chosen the best in several high-demand borrowing categories.

Summary of Best South Dakota Mortgage Lenders of 2021

Rocket Mortgage by Quicken Loans

at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating 
Rocket Mortgage by Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage by Quicken Loans

Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.

  • Estimates the loan amount you’ll qualify for within minutes.

  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

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Veterans United

at Veterans United

Veterans United: NMLS#1907

4.5

NerdWallet rating 
Veterans United

Min. Credit Score

640

Min. Down Payment

0%

at Veterans United

Why we like it

Good for: veterans, active-duty service members and eligible Reservists looking for VA or non-VA loans.

Pros

  • Offers 24/7 customer service over the phone.

  • Has online application and pre-qualification.

  • Offers a free credit counseling service.

  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.

  • Veterans United has physical branch offices in only 18 states.

  • Information on FHA, USDA and conventional loans is harder to find on their website.

  • Charges higher rates and fees than some other lenders.

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Wells Fargo
Read review

Wells Fargo: NMLS#399801

5.0

NerdWallet rating 
Wells Fargo

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Wells Fargo has a world-class selection of mortgage products and offers competitive, easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • New applications for home equity lines of credit suspended during COVID-19 crisis.

  • Government actions and scandals have damaged consumer trust in recent years.

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US Bank
Read review

US Bank: NMLS#402761

5.0

NerdWallet rating 
US Bank

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full Review
USAA
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USAA: NMLS#8722

3.0

NerdWallet rating 
USAA

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

USAA specializes in VA loans and offers a variety of online conveniences, but its website doesn’t offer customized rate quotes.

Pros

  • VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.

  • Lots of experience assisting first-time home buyers.

  • You can submit loan documents online.

Cons

  • Doesn’t offer FHA or USDA loans.

  • Limited mortgage rate information is on the USAA website — none of it customized. You'll have to call

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Guaranteed Rate

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

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Navy Federal
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Navy Federal: NMLS#399807

4.5

NerdWallet rating 
Navy Federal

National / Regional

National

Min. Down Payment

0%

Read review

Why we like it

Good for: Military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products designed for military members.

  • Has an online application for preapproval.

  • Offers low rates compared with most lenders.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review
loanDepot

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

Min. Down Payment

5%

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

Read Full Review
Fairway Independent Mortgage

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating 
Fairway Independent Mortgage

Min. Credit Score

620

Min. Down Payment

3%

at Fairway Independent Mortgage

Why we like it

Good for: borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

Read Full Review

Last updated on January 20, 2021

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best South Dakota Mortgage Lenders of 2021